History of the Credit Card: Evolution Over Time

History of the Credit Card: Evolution Over Time

You no longer have the question of having a credit card or even a credit card in your wallet. They are both part of our daily lives. However, the way to get there was long. So, how was it before? Discover here the history of the credit card. According to a study by Fedelfin, the Belgian federation of financial services, card payments have become widespread in Belgium. In fact, in 2016, 1.702 million payments were made using a card. As an indication, in 2000 and still in our flat country, it is not less than 446 million payments made, representing an increase of nearly 282%.

Contactless and smartphone payment

Given the history of the credit card and its rapid evolution, card payments have also changed. Indeed, it is now possible to pay without contact, either with the card itself or via a smartphone application. In addition, thanks to technology, Visa and Mastercard place a great deal of importance on ensuring ever more effective security. And that's what they need through "Verified by Visa" and "Mastercard SecureCode".

Biometric identification

New technologies have been in place for several years. Thus, already present today but which will become the norm in 2019, a new identification will be possible: the biometric identification. This process will allow identification in several ways: via a fingerprint, an iris scan (eye) or facial recognition. What increase the security of your banking data.

The history of the credit card in pictures

To better understand the impressive evolution of payments, here is an infographic about the history of credit cards over decades and years. Since bank and credit cards are an integral part of our daily lives, it is essential not to choose one solely for the purpose of making payments. Indeed, given the diversity of offers on the Belgian territory, the various banks offer various and varied benefits depending on the cards. That's why comparing all the offers on the market before choosing a particular card is important. Whether it's a return on money, miles, points, shopping insurance or travel insurance. Everyone is benefiting !